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☆ Foxconn unit invests $500 mln in India affiliate
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Dec 8 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Thursday that its Singapore unit has acquired 4.08 million shares in Foxconn Hon Hai Technology India Mega Development Private Limited for $500 million. Reporting by Meg Shen and Twinnie Siu; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Tesla launches EVs in Thailand amid competition from cheaper brands
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +2 min

[1/5] The Tesla Model Y is covered by black cloth during Thailand Tesla's official launch event in Bangkok, Thailand, December 7, 2022. It produces about 1.5 million to 2 million vehicles annually, of which about half are exported. Customers who showed up to Tesla's launch in a luxury mall in central Bangkok said they were interested in the new cars being offered. The price differences aren't significant (from other EV brands)," said office worker Thitipun Paisirikul, 36, adding he expected the re-sale value of the car would be high. State-owned energy firm PTT Group this year announced a $1 billion joint venture with Taiwan's Foxconn to produce EVs in Thailand.

HONG KONG, Dec 1 (Reuters Breakingviews) - Covid-19 lockdowns and protests across China have highlighted the risks of the mutual dependence between Taiwan's Foxconn and its top customer Apple (AAPL.O). It makes 70% of the world’s iPhones, according to Fubon Research. Meanwhile Apple’s huge investments into Foxconn have paid off: the U.S. company is the most profitable smartphone maker by far. Foxconn has been scrambling to contain the fallout, offering bonuses to temporary workers and shifting production to other facilities. At the time, Foxconn said it was bringing the situation under control and was coordinating with other plants to increase production.

☆ Indonesia's Indika, Taiwan's Foxconn mull EV partnership with Thai firm
▼ + stars: | 2022-11-16 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +2 min

JAKARTA, Nov 16 (Reuters) - Coal miner PT Indika Energy (INDY.JK) and Taiwan-based Foxconn (2317.TW), which are partnering to make electric vehicles in Indonesia, are considering bringing in a Thai firm as a third partner, Indika's top executive told Reuters on Wednesday. Arsjad Rasjid, President Director of Indonesian miner Indika, declined to name the Thai company nor any target for the completion of the partnership due to ongoing negotiations, but said the three could invest in EV or EV battery production. In September, Indika and Foxconn launched a $2 billion joint venture to make EVs, batteries and energy storage in Indonesia. Foxconn, Apple's biggest iPhone maker, also has a $1 billion joint venture with Thai energy group PTT (PTT.BK) to produce battery EVs. Indika is one of the top coal miners in Indonesia, which is the world's biggest coal exporter.

☆ Foxconn electric vehicle alliance plans boxy three-seater
▼ + stars: | 2022-11-08 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

TAIPEI, Nov 8 (Reuters) - Foxconn-led (2317.TW) electric vehicle consortium MIH announced plans on Tuesday for its first car, a boxy single row three-seater which it hopes will be popular with one-child families in Asia. Betting on strong demand in Asian markets for smaller electric cars, MIH Consortium plans to build its first car, which it calls Project X, in 2023 and start mass production the following year, though no customers have been confirmed, the company said. "Build your own vehicle with Project X," Cheng said, referring to the car's modular design. MIH is eyeing not only Taiwan, but also India, Thailand, Indonesia and Japan as prospective markets for the three-seater. "The American market tends towards large cars," Cheng told reporters, adding that this model would suit a single-child family.

[1/5] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said in a statement. Apple, which began selling its iPhone 14 range in September, said customers should expect longer waiting times. It has iPhone production sites in India and southern China, but its biggest is in the city of Zhengzhou in the eastern Chinese province of Henan.

[1/5] People look at Apple products as Apple Inc's new iPhone 14 models go on sale in Beijing, China, September 16, 2022. "We continue to see strong demand for iPhone 14 Pro and iPhone 14 Pro Max models. However, we now expect lower iPhone 14 Pro and iPhone 14 Pro Max shipments than we previously anticipated," it said. Its main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally.

☆ Apple warns of hit to iPhone shipments from Chinese COVID disruptions
▼ + stars: | 2022-11-06 | by ( Jaiveersingh Shekhawat | ) www.reuters.com time to read: +1 min

[1/2] A man holds an iPhone 14 as Apple Inc's new models go on sale at an Apple store in Beijing, China, September 16, 2022. REUTERS/Thomas PeterNov 6 (Reuters) - Apple Inc (AAPL.O) on Sunday said it expects lower iPhone 14 Pro and iPhone Pro Max shipments than previously anticipated as COVID-19 restrictions temporarily disrupt production at an assembly facility in Zhengzhou, China. "The facility is currently operating at significantly reduced capacity," the iPhone maker said in a statement. Its main Zhengzhou plant in central China, which employs about 200,000 people, has been rocked by discontent over stringent measures to curb the spread of COVID-19, with many workers fleeing the site. Separately, Taiwan's Foxconn, Apple Inc's biggest iPhone maker, said on Monday it was working to resume full production at a major plant in Zhengzhou that had been hit by COVID-19 curbs, and revised down its fourth quarter outlook.

☆ Apple supplier Foxconn says working to resume China production as soon as possible
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +3 min

TAIPEI, Nov 7 (Reuters) - Taiwan's Foxconn, Apple Inc's biggest iPhone maker, said on Monday it was working to resume full production at a major plant in China's Zhengzhou as soon as possible that has been hit by COVID-19 curbs, and revised down its fourth quarter outlook. "Foxconn is now working with the government in concerted effort to stamp out the pandemic and resume production to its full capacity as quickly as possible." Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, accounting for 70% of iPhone shipments globally. Having previously guided for "cautious optimism" in the fourth quarter, Foxconn said it will "revise down" its outlook given events in Zhengzhou. Computing products, smart consumer electronics products, and cloud and networking products all showed double-digit growth last month, compared to the same period last year, the company added.

☆ Foxconn imposes restrictions on iPhone assembly plant in China's Zhengzhou - SCMP
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +1 min

The logo of Foxconn, the trading name of Hon Hai Precision Industry, is seen on top of the company's building in Taipei, Taiwan March 30, 2018. REUTERS/Tyrone SiuOct 21 (Reuters) - Taiwan's Foxconn (2317.TW) has imposed tough COVID-19 control restrictions on its plant in the Chinese city of Zhengzhou that assembles Apple Inc's (AAPL.O) iPhone, the South China Morning Post reported on Friday. "Production in the Zhengzhou campus remains normal, without a notable impact (from the Covid-19) situation," SCMP quoted a Foxconn spokesman as saying on Thursday. The new measures come as Foxconn's factory is ramping up production of the latest iPhone 14 models, SCMP added. Both Foxconn and Apple did not immediately respond to a Reuters request for comment.

☆ Taiwan's Foxconn wants customers to sell 'a lot' of EVs
▼ + stars: | 2022-10-18 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

The ambition lines up with Taiwan-based Foxconn's (2317.TW) plans to ramp up EV business to help diversify away from its role of assembling consumer gadgets like iPhones for Apple Inc (AAPL.O) and other tech firms. Register now for FREE unlimited access to Reuters.com Register"Foxconn is not in the business of selling its own EV brand. But, yes, we want our customers to sell a lot of EVs," Liu said in pre-recorded remarks. "Our heartfelt hope is that Taiwan can seize this once-in-a-hundred years, rare EV business opportunity." "Despite the challenges of conflict in Europe and COVID globally, Foxconn has maintained our EV strategy," Liu said.

☆ Taiwan's Foxconn says wants its customers to sell a lot of EVs
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

TAIPEI, Oct 18 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker, said on Tuesday it was not in the business of selling its own electric vehicle brand but wanted its customers to sell a lot of EVs. Chairman Liu Young-way said at the company's annual Tech Day that from design to build, the company has the capability in EVs and its global footprint gave it a "huge advantage" to meet the EV industry's demands. Foxconn has ambitious plans with EVs to diversify away from its role of building consumer electronics for Apple Inc (AAPL.O) and other tech firms. Register now for FREE unlimited access to Reuters.com RegisterReporting by Sarah Wu; Writing by Ben Blanchard; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

☆ Apple is making the iPhone 14 in India as China headaches mount
▼ + stars: | 2022-09-26 | by ( Diksha Madhok | Cnn Business | ) edition.cnn.com time to read: +1 min

New Delhi (CNN Business) Apple has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain away from China. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous generations. The latest devices offer updated camera systems, a new interactive lock screen and on Pro models, much faster performance. "The new iPhone 14 lineup introduces groundbreaking new technologies and important safety capabilities. We're excited to be manufacturing iPhone 14 in India," the company said in a statement on Monday, confirming weeks of speculation.

☆ India to offer more incentives for local chip, display manufacturing
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken February 25, 2022. The announcement comes as Prime Minister Narendra Modi's government seeks to attract more big-ticket investments under a $10 billion incentive plan for chip and display production, aiming to make India a key player in the global supply chain. Register now for FREE unlimited access to Reuters.com RegisterThe government had previously agreed to cover between 30% and 50% of the cost of setting up new display and chip plants. It said on Wednesday that it will also cover 50% of the capital expenditure required to set up semiconductor packaging facilities. Last week oil-to-metals conglomerate Vedanta and Taiwan's Foxconn (2317.TW) signed a pact with India's Gujarat to invest $19.5 billion in the western state to set up semiconductor and display production plants.

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